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Home Forex News

AMC Stock Down for Sixth Straight Session on Wednesday

Admin by Admin
August 24, 2022
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AMC stock is trading down 2.4% at $9.33. If it stays in the red, this would be its sixth straight session losing ground. More than 18,000 put contracts for the $15 strike price expiring this Friday have traded in the first half hour on Wednesday.

The last price was $0.96 per share, and the value of the contract is up 100% from Tuesday. AMC stock has not traded this low since May 7, 2021. On Tuesday the meme stock broke through support at $10 from May 11 and 12. There is support from February and April of 2021 near $5.50 and $8, respectively.

Related- Zoom Video Stock Drops nearly 10% on clipped Q3 outlook

Meanwhile, AMC has continued to see its common shares tumble on Tuesday, although the price of its recently released preferred shares seem to have stabilized.

Shares of AMC dropped by a further 8.56% and closed the trading session at a price of $9.56. Stocks were mixed on Tuesday, as the broader markets somewhat recovered from Monday’s intense sell off.

Despite what looked to be a positive start to the day, all three major indices closed in the red once again. Overall, the Dow Jones fell by 154 basis points, the S&P 500 dropped by 0.22%, and the NASDAQ traded flat for the day.

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